Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, inadequate reimbursements of the esoteric tests may restrict market growth to a certain extent. The esoteric testing market is segmented based on type, technology, end user and region. The rising incidence of chronic and infectious diseases, increasing use of esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer, and advancements in the personalized medicine are the major factors driving the growth of the esoteric testing market.
The global esoteric testing market is projected to reach USD 36.3 billion by 2026 from USD 21.0 billion in 2021, at a CAGR of 11.6% during the forecast period
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Global Esoteric Testing Market Dynamics
DRIVER: Growing geriatric population, increasing prevalence of chronic and infectious diseases, advancing esoteric DNA sequencing technologies in precision medicine, early diagnosis of cancer and precision medicine.
The chronic diseases such as diabetes, cardiovascular diseases and cancer are on rise across the globe. The prevalence of infectious disease such as Dengue, Hepatitis B, C, HIV, Malaria, Tuberculosis, and others, are also increasing at an alarming rate. The awareness of the esoteric tests is increasing for the early and effective diagnosis of such diseases. The advancing technology of esoteric test are offering expedited results with higher efficacy, detection limits, and sensitivity. The increasing use of esoteric DNA sequencing, NGS technologies and whole genome sequencing in the early diagnosis of cancer, precision and personal medicine are also pushing the growth of the market.
RESTRAINT: Inadequate reimbursement of the esoteric tests
Inadequate reimbursement is a major factor restraining the growth of the esoteric testing market. The coverage of precision medicine and personalized medicine by Medicare are highly confined. In the past few years, there has been a decline in the reimbursement of diagnostic tests, which has negatively impacted the volume of tests. This resulted due to the increased controls over the utilization of laboratory services by Medicare, Medicaid, and other third-party payers, particularly managed care organizations (MCOs).
OPPORTUNITY: Emerging technologies in esoteric testing and emerging economies
Emerging technologies such as biomarker analysis, digital PCR, NGS, pyrosequencing, or Sanger sequencing, digital microfluidic platforms and advanced molecular phenotyping technologies are expected to thrust the growth of the market. The emerging economies such as India, China, and India are expected to offer potential growth opportunities for major players operating in the esoteric testing market. This can be attributed to the growing geriatric population, high prevalence of chronic and infectious diseases, improving healthcare infrastructure, and increasing disposable income in these countries.
CHALLENGES: Dearth of Skilled Professionals
The dearth of a skilled workforce has been a challenge for several decades, resulting in an aging workforce and declining enrolment in training programs. It takes almost five to ten years of continuous practice in clinical laboratory work for technicians to gain expertise. Esoteric tests are more advanced clinical laboratory tests than routine molecular tests.
North America was the largest regional market for the esoteric testing market in 2020
The esoteric testing market is segmented into four major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America was the largest regional market for esoteric testing market in 2020. The large share of the North American market can be attributed to the increasing per capita healthcare expenditure, presence of the leading market players, increasing use of rapid diagnostics, expanding geriatric population, and advancing precision medicine in the region.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Emerging APAC economies such as China and India are expected to see significant growth due their advancing healthcare infrastructure, increasing penetration of cutting-edge clinical laboratories, and expanding geriatric population are the major factors driving the growth of this market.
The global esoteric testing market is consolidated. The prominent players operating in this market include Labcorp (US), Quest Diagnostics (US) and OPKO Health Inc. (US).